Shares of Polish pharmaceutical firm Syn2bio GPW:S2B, spun off from medical equipment maker Synektik GPW:SNT, failed to open on their expected Warsaw Stock Exchange debut on Wednesday.
Syn2bio's main focus is in the development and commercialisation of its SYN2 cardiac tracer, a radiopharmaceutical compound for diagnosing coronary artery disease, targeting the U.S. market.
At 0820 GMT, the theoretical opening price was at 47.6 zlotys, but the shares remained halted due to issues with establishing the actual price
The separation from Synektik was aimed at unlocking new funding sources for the project and allowing investors to better value the companies' business profiles
After the split, Synektik will no longer bear the research costs for SYN2, about 20-30 million zlotys ($5.6 million-$8.3 million) annually
That should boost Synektik's own profitability and dividend potential
Synektik will now focus on its core business, distributing medical devices such as its flagship da Vinci surgical robotic systems
($1 = 3.5953 zlotys)